Chinese Firms Willing To Invest In Oil And Gas Sector

Chinese oil and Gas companies have assured Pakistan of investing in conventional as well as shale oil/gas sector. Chinese public sector as well as private sector oil/gas exploration and production companies in a meeting with the senior officials of the Petroleum Ministry here on Wednesday said that they were ready to make significant contribution in exploring huge oil/gas reserves to cater to the growing energy demand of the country.
Arshad Mirza, Secretary Ministry of Petroleum and Natural Resources led the Pakistani side while Yang Lei, DG National Energy Administration, China, was heading the Chinese delegation.
This was the first meeting between the two countries on oil/gas sector wherein two sides agreed to foster bilateral co-operation in the petroleum sector.
The meeting was informed that Pakistan is endowed with an estimated 160 Trillion Cubic Feet (TCF) of natural gas reserves including 105 Trillion Cubic Feet (TCF) of Shale gas reserves. Exploitation of these resources requires huge investment besides application of state of the art technology and know-how.
Representatives from Chinese oil and gas companies also expressed their willingness to resuscitate the abandoned oil fields through Enhanced Oil Recovery (EOR) technique. Chinese companies were eager to invest in exploration of hydrocarbon techniques including the deep-water offshore exploration.
Secretary Ministry of Petroleum in his concluding remarks appreciated the role and contribution of Chinese companies in the development of petroleum sector of Pakistan and their keen interest to invest in the sector. He expressed confidence that existing cooperation with China in petroleum sector would help Pakistan in addressing the growing energy demand.
The workshop was also attended by Additional Secretary Ministry of Petroleum and Natural Resources, Furqan Bahadur Khan; Joint Secretary Petroleum, Syed Taquir Hussain Shah, Senior representatives from Pakistan Petroleum Limited (PPL),Oil and Gas Development Company Limited (OGDCL) and other high ranked officials from the Ministry of Petroleum and Natural Resources. Senior Officials from China Zhenhua oil Co Ltd;
China National Offshore Company (CNOOC);
United Energy Group Ltd;
China Petroleum Pipeline Company;
China National Petroleum Corporation (CNPC);
Kerui Group of China etc also briefed about the products and their interest to explore further avenues of investment in oil and gas sector of Pakistan.

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